July 29, 2016 / 7:01 AM / a year ago

Banco popular posts 99.9 pct drop in Q2 net profit

MADRID, July 29 (Reuters) - Spain’s Banco Popular posted on Friday a 99.9 percent slump in second-quarter net profit from the three previous months hit by its bad loans.

It reported a net profit of 0.12 million euros ($133,044), below analysts’ forecasts in a Reuters poll of 4.7 million euros.

Popular finalised in June a 2.5-billion-euro capital hike to clean up its balance sheet and announced provisions of 4.7 billion euros which it said could lead to overall losses of 2 billion euros in 2016. ($1 = 0.9020 euros) (Reporting by Jesus Aguado and Angus Berwick; Editing by Julien Toyer)

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